Summary
Tobacco Equity Elimination Act of 2002 - Directs the Secretary of Agriculture to: (1) make payments to qualifying tobacco quota holders as compensation for the loss of tobacco quota asset value; (2) make transition payments to active tobacco producers, including producers who forgo obtaining a tobacco production license; and (3) assess an annual user fee on tobacco manufacturers and importers who sell in domestic U.S. commerce.
Amends the Agricultural Act of 1949 with respect to tobacco price supports to: (1) revise such provisions to reflect annual production costs for each type of tobacco; (2) eliminate references to quota tobacco in no net cost provisions; and (3) eliminate tobacco from the definition of "basic agricultural commodity."
Directs the Secretary and cigarette and other tobacco-product manufacturers, respectively, to estimate annual export and domestic quantity and industry purchase requirements. Directs the Secretary to issue to each historic tobacco producer a tobacco production license in order to harmonize annual purchase intentions and production.
Repeals the Tobacco Control Act and specified related provisions ( thus terminating marketing quota program provisions).
Authorizes the establishment of a nonprofit Center for Tobacco-Dependent Communities which shall provide economic and community development assistance to tobacco communities in transition to non-tobacco economies.
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